Jinko Solar posts mixed Q2 results

Jinko Solar Holding Co. Ltd. (JKS) beat market expectations on revenue numbers for the second quarter of 2018 but missed on earnings. The solar panel-maker reported total revenues of $915.9 million, a decrease of 23.5% from the same period last year, mainly due to declines in the average selling price and shipments of solar modules. Jinko Solar shares fell 5% during pre-market trading.

Net income attributable to ordinary shareholders was $15 million compared to $7 million last year. Diluted earnings per ordinary share were $0.095, which translates into earnings per ADS of $0.380.

Adjusted net income was $16.1 million, or $0.102 per ordinary share, while adjusted earnings per ADS was $0.408.

Total solar module shipments were 2,794 megawatts, down 3.1% from the prior-year period. At quarter-end, Jinko’s in-house annual silicon wafer production capacity was 9 GW while the solar cell and solar module production capacities were 5 GW and 9 GW respectively.

For the third quarter of 2018, Jinko estimates total solar module shipments to be 2.8 GW to 3 GW. For the full year of 2018, total solar module shipments are expected in the range of 11.5 GW to 12 GW.

In June, Jinko’s subsidiary JinkoSolar (US) Inc. entered into a three-year agreement to supply 1.43 GW of high-efficiency modules to sPower.